- Push-out Score suggests push-out forces
- After almost 15 years in the position
- Accolades, praise and thanks for Campbell
- Tom Schmitt taking over
- Campbell will remain as Executive Chairman at Forward Air
- Campbell spoke at length and said 78 words
(exechange) — Greeneville, Tennessee, June 12, 2018 — Bruce Campbell, chief executive of Forward Air, leaves. As announced by Forward Air Corporation in a news release and in a regulatory filing published on Tuesday, June 12, 2018, Bruce A. Campbell leaves his post as Chief Executive Officer at the transportation and logistics company after almost 15 years in the role.
It is the end of an era.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 9.4 years, according to data compiled by exechange. Only 39 percent of the CEOs who departed over the past 12 months left the position after more than 10 years.
Campbell’s duties will be taken over by Thomas (Tom) Schmitt, currently Chief Commercial Officer of Schenker AG.
Bruce Campbell, who has also served as Chairman of the Company’s Board since 2007, will step down from his role as President and Chief Executive Officer when Schmitt joins the Company.
The fact that Campbell’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
Campbell’s move is part of a management shake-up also involving the positions of Chief Operating Officer of the Company’s Expedited business; and President of the Company’s Intermodal business.
No reason given
In the announcement, Forward Air did not explicitly explain the reason for Campbell’s move, leaving room for speculation.
Campbell will remain as Executive Chairman at Forward Air
“Mr. Bruce Campbell, who has also served as Chairman of the Company’s Board since 2007, will step down from his role as President and Chief Executive Officer when Mr. Schmitt joins the Company. At that time, Mr. Campbell will become Executive Chairman. In that role, Mr. Campbell will continue to serve as Chairman of the Board of Directors. It is expected that Mr. Campbell will remain as Executive Chairman until the Company’s 2019 annual meeting of shareholders, at which time, in order to ensure a continued, successful management transition, the Company plans to retain Mr. Campbell as a consultant for a period of time following his resignation as Executive Chairman,” Forward Air said.
Forward Air said: “Thomas (Tom) Schmitt has been elected to serve as the Company’s President and Chief Executive Officer, succeeding Bruce A. Campbell, who has served as President since 1998 and as Chief Executive Officer since October 2003.”
Share price rise since February 2016
The change follows a rise in the share price of Forward Air Corporation since February 2016.
In the position of CEO since 2003
Campbell has served as President of the Company since August 1998, as the Company’s Chief Executive Officer since October 2003 and as Chairman of the Board since May 2007.
Campbell was Chief Operating Officer of the Company from April 1990 until October 2003 and served as the Company’s Executive Vice President from April 1990 until August 1998.
Prior to joining the Company, Campbell served as Vice President of Ryder-Temperature Controlled Carriage in Nashville, Tennessee from September 1985 until December 1989.
Campbell has held a leadership role with the Company for over 26 years, has served as the Company’s Chief Executive Officer for over 13 years and as the Company’s Chairman for over 9 years.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Bruce Campbell’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.
Read the full story in the exechange report 25.2018 ($).